Deposits! Cash or bank transfer. Are they the only ways?
Can we be clever in what we hand over to secure a property? We're going to find out what's allowed and what's not when we speak today with Kiani Mills about what type of deposit you can use to buy property.
Founding Owner of KLM Conveyancing, Kiani Mills has created an unique and successful conveyancing service with offices in Victoria, New South Wales and Queensland. Kiani started her business 7 years ago while single-handedly raising 2 young children, building her reputation through drive, determination, trust and accountability to the business it is today. A reputable speaker appearing on Ticker Property News, the 'Geared for Growth' podcast and recently attending a Tony Robbins conference.
1. I have a list of items that are great deposits and some which need clarification.
When buying a home, can we use:
a). Cash as a deposit?
b). Are cheques still used?
c). A bank transfer?
d). Cash in foreign currency?
e). Bank cheque?
f). Deposit Bond?
h). Gold or silver bullion?
i). TAB account?
j). Bitcoin or other crypto currency?
k). Share dividends?
l). An object like a car, watch, a bag of cocaine etc?
m). A winning lottery ticket transfer?
n). Rely on the government incentives as the deposit.
2. So when we choose to do a 'bank transfer' can the money be transferred from someone else's account, say the bank of Mum and Dad instead of the name of the actual purchaser/s?
3. As most people have a limit when doing a bank transfer from their own account, when buying a property at auction, how much do we need to come up with on the day?
a). How do we get the remaining deposit to the agent?
b). How long do we have to get the remaining deposit to the agent?
4. What happens to the deposit while we are waiting on settlement?
5. What is a section 27?
6. Can you buy a house in Australia using an overseas financial lender?
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Kiani can be contacted on 0439 999 010 and (03) 9448 8282
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